BGC PARTNERS - TURKCELL CAPITAL MARKETS DAY
We maintain our BUY rating for Turkcell with a TP of TL18.2/share indicating 22% upside potential. We will update our valuation with the latest guidance and outlook. Note that we estimate 12.6% top line growth in 2018, 11% in 2019 and 2020, and 10% afterwards, indicating an upside risk. Moreover we assume 34% EBITDA margin in our model based on the old format, which would correspond to around 38% with the new format. The new targets/guidance is likely to lead to a better target price for Turkcell in our view. We roughly calculate that the stock trades at around 16% discount to our peer set on 2018 and 2019 adj. EV/EBITDA.Turkcell Iletisim Hizmetleri is a provider of mobile services in Turkey. Co. provides mobile voice, internet and other services over its mobile communications network. Subscribers can choose between postpaid and prepaid services. Postpaid subscribers sign a subscription contract, and receive monthly bills for services, while prepaid subscribers must purchase a starter pack which consists of a SIM card and inclusive airtime. GSM offers a range of services that include voice, circuit switched data, packet data and fax, in addition to standard service offerings such as call barring, call forwarding, call waiting and roaming into areas serviced by other GSM carriers.
BGC has been one of the major market players in Turkish OTC debt, FX and swaps markets since 1998.
We started offering corporate finance and investment banking services to our clients in 2013. We offer a complete range of financial services to help our clients achieve their goals. Our main areas of activity within investment banking are as follows:
- Mergers & Acquisitions
- Equity Capital Markets
- Debt Finance & Advisory
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